Let's say NWP closes up shop. What happens then, under the agreement between the NWP and the NCRA? I presume that the NWP would be in default and the agreement would be abrogated.

Now the NCRA has it's freight easement. It now needs to find a new operator, right?

SMART could bid on the operator contact.

Or NCRA could sell the freight easement to SMART, just like the UP did with the evil people at the JPB running Caltrain.

But there's no way the NCRA could sell the freight easement to SMART unless the whole mission of their organization had been changed and the hopes of opening up more segments of the old NWP were finally, completely extinguished.

So SMART will have to be the operator and not the owner.

Also they'll have to spend a bunch of money and time and effort to maintain the Schellville branch.